Telecom Articles - Written by Arthur Hughes - 1 Comment
Minimizing Churn
All industries suffer from voluntary churn — the loss of customers to some other company. But some get hit worse than others.
Take the telecommunications business.
Annual churn rates for mobile telecom companies average between 10% and 67%. The rate depends on the firm and whether the subscriber has a postpaid contract or prepays the service. At the low end is Verizon Wireless, with about 10% of its contract customers leaving annually.
Worse, roughly 75% of the 17 million to 20 million subscribers signing up with a new wireless carrier every year are coming from another provider and, hence, are already churners. It costs hundreds of dollars for a company to acquire a new customer. When that person leaves, you lose the future revenue — and the money spent on the acquisition.
But there are many things you can do. And they apply not only to telecom providers but to any high-turnover business.
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